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Notes to Accounts of Jai Corp Ltd.

Mar 31, 2015

1.1 The insurance claim in respect of the major fire on 11th October, 2012 at one of the Company's HDPE/PP Woven Sacks Units located at Daman has been received. Accordingly, the above loss in respect of inventory and building has now been charged to statement of profit and loss and has been disclosed under the head "Exceptional item".

Note 2 - Contingent Liabilities and Commitments (To the extent not provided for)

(Rs. In Lacs)

For the Year For the Year Particulars Ended Ended 31st March, 2015 31st March, 2014

(A) Contingent Liabilities

(a) Claims against the Company not acknowledged as debts

(i) Disputed Liability in Appeal (No cash outflow is expected in the near future)

- Income-tax (Rs. 200.00 Lacs paid under protest) 1,689.90 2,530.32

- Excise Duty / Service Tax (Rs. 18.14 Lacs paid under protest) 58.73 178.96

- Railway Claims 95.83 95.83

- MIDC Service Charges 7.34 7.34

- Sales Tax (Rs. 0.50 Lacs paid under protest) 26.85 26.85

1,878.65 2,839.30

(b) Guarantees

(i) Bank Guarantees 27.52 26.47

(Bank guarantees are provided under contractual/legal obligations. No cash outflow is probable.)

(B) Commitments

(a) Estimated amount of contracts remaining to be executed on 1,480.23 540.32 Capital Account and not provided for / Net of advance paid (Cash outflow is expected on execution of such capital contracts)

(b) Uncalled liability on partly paid-up Shares/Debentures 89.25 89.25

(c) The Company is committed to financially supporting its wholly-owned subsidiary companies till such time they attain their respective objectives.

3.1 Management is of the view that above litigations will not material impact financial position of the Company.

Note 4 - Employee benefits

As per Accounting Standard-15 'Employee Benefits', the disclosure of Employee benefits as defend in the Accounting Standard are given below:

Note 5 Related Party Disclosure:

As per Accounting Standard 18 "Related party Disclosures", disclosure of transactions with the related parties as defend in the Accounting Standard are given below:

(I) List of related parties and relationship.

(i) Subsidiary: Ashoka Realty and Developers Limited

Assurene Products Corporation

Belle Terre Realty Limited

Ekdant Realty & Developers Limited

Hari Darshan Realty Limited

Hill Rock Construction Limited

Hind Agri Properties Limited

Iconic Realtors Limited

Jai Corp Finance & Holding Limited upto 15/04/2014

Jailaxmi Realty and Developers Limited

Jai Realty Ventures Limited

Krupa Land Limited

Krupa Realtors Limited

Multifaced Impex Limited

Novelty Realty & Developers Limited

Oasis Holding FZC

Rainbow Infraprojects Limited

Rudradev Developers Limited

Sarbags Pty Limited

Swar Land Developers Limited

Swastik Land Developers Limited

UI Wealth Advisors Limited

Urban Infrastructure Trustees Limited

Urban Infrastructure Venture Capital Limited

Vasant Bahar Realty Limited

Welldone Real Estate Limited

Yug Developers Limited

(ii) Associates : Searock Developers FZC

Urban Infrastructure Holdings Private Limited

(iii) Key Managerial Personnel :

(a) Shri Anand Jain

(b) Shri Virendra Jain

(c) Shri Gaurav Jain

(d) Shri V. S. Pandit

(iv) Relatives of Key Managerial Personnel :

(a) Smt. Laxmi Jain Relative of Shri Gaurav Jain, Shri Anand Jain and Shri Virendra Jain.

(b) Smt. Rina Jain Relative of Shri Virendra Jain and Shri Anand Jain

(c) Smt. Sushma Jain Relative of Shri Anand Jain and Shri Virendra Jain

(d) Shri. Ankit Jain Relative of Shri Anand Jain and Shri Virendra Jain

(e) Smt. Neha Bagaria Relative of Shri Anand Jain and Shri Virendra Jain

(v) Enterprises over which Key Managerial Personnel and their relatives are able to exercise significant influence:

(a) Poly-Resin Agencies (India) Limited

(b) Resin Distributors Limited

(c) Techfab (India) Industries Limited

(d) Malhar Developers Pvt Limited

Note 6.1

Significant transactions with related parties:-

i) Preference Share Capital as at 31st March, 2015 includes Rs. 23.59 Lacs (Previous Year Rs. 23.84 Lacs) of Smt. Laxmi Jain, Rs. 19.58 Lacs (Previous Year Rs. 22.58 Lacs) of Smt.Sushma Jain, Rs. 23.58 Lacs (Previous Year Rs. 23.83 Lacs) of Smt.Rina Jain., Rs. Nil (Previous year Rs. 2.75 Lacs) of Shri Gaurav Jain, Rs. 4.00 Lacs (Previous year Rs. 4.00 Lacs) of Smt. Neha Bagaria and Rs. Nil (Previous year Rs. 2.75 Lacs) of Shri Ankit Jain.

ii) Redemption of Preference Share Capital (including Securities Premium) Rs. 3,871.88 Lacs (Previous Year Rs. 1,700.00 Lacs) to Shri. Gaurav Jain, Rs. 4,230.74 Lacs (Previous Year Rs. 1,700.00 Lacs) to Smt. Sushma Jain, Rs. 3,871.88 Lacs (Previous Year Rs. 1,700.00) to Shri. Ankit Jain, Rs. 358.86 Lacs (Previous Year Rs. Nil) to Smt. Laxmi Jain, Rs. 358.86 Lacs (Previous Year Rs. Nil) to Smt. Rina Jain.

iii) Purchase of Tangible Assets includes Rs. Nil (Previous Year Rs. 6.02 Lacs) from TechFab (India) Industries Ltd.

iv) Sales of Tangible Assets includes Rs. Nil (Previous Year Rs. 38.50 Lacs) to TechFab (India) Industries Ltd.

v) Investments Purchased during the year Rs. 350.55 Lacs (Previous Year Rs. Nil) of Jai Realty Ventures Ltd. and Rs. 3.03 Lacs (Previous Year Rs. Nil) of Assurance Products Corporation.

vi) Refund of Investment on Liquidation of the Company amount of Rs. 215.00 Lacs (Previous Year Rs. Nil) in Jai Corp Finance & Holdings Ltd.

vii) Investments as at 31st March 2015, include Rs. 12,079.31 Lacs (Previous Year Rs.12,079.31 Lacs) in Urban Infrastructure Holdings Pvt.Ltd.

viii) Trade Receivables as at 31st March, 2015 include Rs. Nil (Previous Year Rs. 95.72 Lacs) due from Sarbag Pty Ltd., Rs. Nil (Previous Year Rs. 2.07 Lacs) due from TechFab (India) Industries Ltd and Rs. 2,011.62 Lacs (Previous Year Rs. Nil) due from Assurene Products Corporation.

ix) Loans and Advances given include Rs. 1,213.30 Lacs (Previous Year Rs.1,342.05 Lacs) to Jai Realty Ventures Ltd., Rs. Nil Lacs (Previous Year Rs. 5.06 Lacs) to Jai Corp Finance Holdings Ltd and Rs. 14.68 Lacs (Previous Year Rs. Nil) to Assurene Products Corporation.

x) Security Deposits given and repaid Rs. 2.00 Lacs (Previous Year Rs.Nil) to Jai Realty Ventures Ltd.

xi) Interest receivable Rs. 49.50 Lacs (Previous Year Rs. Nil) receivable from Jai Realty Ventures Ltd.

xii) Loans and Advances returned/adjusted include Rs. 352.55 Lacs (Previous Year Rs. 310.60 Lacs) from Jai Realty Ventures Ltd., Rs. Nil (Previous Year Rs. 7.21 Lacs) from Jai Corp Finance Holdings Ltd. And Rs. 14.68 Lacs (Previous Year Rs. Nil) from Assurene Products Corporation.

xiii) Loans and Advances as at 31st March, 2015 include Rs. 41,286.42 Lacs (Previous Year Rs. 40,423.67 Lacs) in Jai Realty Ventures Ltd, Rs. 8,522.71 Lacs (Previous Year Rs. 8,522.71 Lacs) in Urban Infrastructure Holdings Pvt.Ltd.

xiv) Trade Payables as at 31st March, 2015 include Rs. Nil (Previous Year Rs. 21.85 Lacs) due to Urban Infrastructure Venture Capital Ltd.

xv) Revenue from Operation includes Rs. 35.28 Lacs (Previous Year Rs. 279.70 Lacs) sold to Sarbags Pty Ltd. and Rs. 1.88 Lacs (Previous Year Rs. 154.83 Lacs) sold to TechFab (India) Industries Ltd. And Rs. 8,608.18 Lacs (Previous Year Rs. Nil) sold to Assurene Products Corporation.

xvi) Interest income Rs. 55.00 Lacs (Previous Year Rs. Nil) received from Jai Realty Ventures Ltd.

xvii) Dividend Income include Rs. 50.00 Lacs (Previous Year Rs. 50.00 Lacs) received from Urban Infrastructure Venture Capital Ltd., Rs. 84.68 Lacs (Previous Year Rs. Nil) received from Jai Corp Finance & Holdings Ltd. and Rs. 330.68 Lacs (Previous Year Rs. Nil) received from Sarbags PTY Ltd.

xviii) Dividend paid on 1% Non-Cumulative, Non-Participating, Redeemable Preference Shares includes Rs. 0.24 Lacs (Previous Year Rs. 0.23 Lacs) to Smt. Laxmi Jain, Rs. 0.21 Lacs (Previous Year Rs. 0.22 Lacs) to Smt. Sushma Jain and Rs. 0.24 Lacs (Previous Year Rs. 0.23 Lacs) to Smt. Rina Jain, Rs. 0.01 Lacs (Previous Year Rs. 0.03 Lacs) to Sh. Gaurav Jain, Rs. 0.01 Lacs (Previous Year Rs. 0.03 Lacs) to Sh. Ankit Jain, Rs. 0.04 Lacs (Previous Year Rs. 0.04 Lacs) to Smt. Neha Bagaria

xix) Remuneration and perquisites include Rs. 24.00 Lacs (Previous Year Rs. 26.22 Lacs) paid to Shri Gaurav Jain and Rs. 26.51 Lacs (Previous Year Rs. 31.20 Lacs) paid to Shri V. S. Pandit.

xx) Directors' sitting fees include Rs. 1.13 Lacs (Previous Year Rs. 0.60 Lacs) paid to Shri Virendra Jain, Rs. Nil (Previous Year Rs. 0.05 Lacs) paid to Shri J.K. Jain and Rs. 0.58 Lacs (Previous Year Rs. 0.20 Lacs) paid to Shri Anand Jain.

xxi) Investment Management Fees include Rs. Nil (Previous Year Rs. 24.28 Lacs) to Urban Infrastructure Venture Capital Ltd.

xxii) Reimbursement of Expenses includes Rs. 777.32 Lacs (Previous Year Rs. Nil) received from Assurance Products Corporation.

xxiii) Other Expenses include Rs. Nil (Previous Year Rs. 0.01 Lacs ) paid to Resin Distributors Ltd., and Rs. 49.45 Lacs (Previous Year Rs. Nil) paid to Malhar Developers Pvt Ltd.

Note 7

As per Accounting Standard - 17 on "Segment reporting" - Segment Information has been provided under the notes on Consolidated Financial Statements.

Note 8

Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification / disclosure.


Mar 31, 2014

Note 1

There was major fre on 11th October 2012, at one of the Company''s HDPE/PP Woven Sacks Unit located at Daman which resulted in major loss of building, plant & machinery and other assets. The Company has replacement insurance policy and accordingly the cost incurred towards reconditioning of assets have been accounted as insurance claim receivables and disclosed under short-term loans and advances. The loss of Profit of the Company is also adequately insured and the claim will be accounted for on receipt basis. The claims are under process.The Insurance Company has released an adhoc payment of Rs. 2,000 Lacs against the above claims.

Note 2 - Contingent Liabilities and Commitments (To the extent not provided for)

Particulars 2013-14 2012-13

(A) Contingent Liabilities

(a) Claims against the Company not acknowledged as debts

(i) Disputed Liability in Appeal (No cash outflow is expected in the near future)

- Income-tax (Rs. 215.20 Lacs paid under protest) 2,530.32 1,628.54

- Excise Duty / Service Tax (Rs. 24.04 Lacs paid under protest) 178.96 221.02

- Railway Claims 95.83 95.83

- MIDC Service Charges 7.34 7.34

- Sales Tax (Rs. 0.50 Lacs paid under protest) 26.85 26.85

2,839.30 1,979.58 (b) Guarantees

(i) Bank Guarantees 26.47 18.20

(Bank guarantees are provided under contractual/ legal obligations. No cash outflow is probable.)

(B) Commitments

(a) Estimated amount of contracts remaining to be 540.32 699.81 executed on Capital Account and not provided for / Net of advance paid

(Cash outflow is expected on execution of such capital contracts)

(b) Uncalled liability on partly paid-up Shares/ 89.25 89.25 Debentures

(c) The Company is committed to financially - - supporting its wholly-owned subsidiary companies till such time they attain their respective objectives.

Note 3 - Employee benefits

As per Accounting Standard-15 ''Employee benefits'', the disclosure of Employee benefits as Defined in the Accounting Standard are given below:

(a) Defined benefit Plan :

The Employees'' Gratuity Fund is managed by the Life Insurance Corporation of India. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

The estimate of rate of escalation in salary considered in actuarial valuation, takes into account infation, seniority, promotion and other retirement factors including supply & demand in the employment market. The above information is certified by the actuary.

(b) Defined Contribution Plan:

Contribution to Defined Contribution Plan, recognized as expense for the year are as under:

Note 4 - Financial and Derivative Instruments:

a) The Company has not entered into any derivative contract during the year and hence outstanding derivative contract is Nil

Note 5 Related Party Disclosure:

As per Accounting Standard 18 "Related party Disclosures", disclosure of transactions with the related parties as Defined in the Accounting Standard are given below:

(I) List of related parties and relationship.

(i) Subsidiary: Ashoka Realty and Developers Limited

Belle Terre Realty Limited Ekdant Realty & Developers Limited Hari Darshan Realty Limited Hill Rock Construction Limited Hind Agri Properties Limited Iconic Realtors Limited Jai Corp Finance & Holding Limited Jailaxmi Realty and Developers Limited Jai Realty Ventures Limited Krupa Land Limited Krupa Realtors Limited Multifaced Impex Limited Novelty Realty & Developers Limited Oasis Holding FZC Rainbow Infraprojects Limited Rudradev Developers Limited Sarbags Pty Limited Swar Land Developers Limited Swastik Land Developers Limited UI Wealth Advisors Limited Urban Infrastructure Trustees Limited Urban Infrastructure Venture Capital Limited Vasant Bahar Realty Limited Welldone Real Estate Limited Yug Developers Limited

(ii) Associates : Searock Developers FZC

Urban Infrastructure Holdings Private Limited (iii) Key Managerial Personnel :

(a) Shri J. K. Jain upto 08th May, 2013

(b) Shri Anand Jain

(c) Shri Virendra Jain

(d) Shri Gaurav Jain

(e) Shri V. S. Pandit

(iv) Relatives of Key Managerial Personnel :

(a) Smt. Laxmi Jain Relative of Shri Gaurav Jain, Shri J.K.Jain, Shri Anand Jain and Shri Virendra Jain.

(b) Smt. Rina Jain Relative of Shri Virendra Jain, Shri J.KJain and Shri Anand Jain

(c) Smt. Sushma Jain Relative of Shri Anand Jain, Shri J.K.Jain and Shri Virendra Jain

(d) Shri. Ankit Jain Relative of Shri Anand Jain, Shri J.K.Jain and Shri Virendra Jain

(e) Smt. Neha Bagaria Relative of Shri Anand Jain, Shri J.K.Jain and Shri Virendra Jain

(v) Enterprises over which Key Managerial Personnel and their relatives are able to exercise significant infuence:

(a) Poly-Resin Agencies (India) Limited

(b) Resin Distributors Limited

(c) Techfab (India) Industries Limited

significant transactions with related parties:- i) Preference Share Capital as at 31st March, 2014 includes Rs. 23.84 Lacs ( Previous Year Rs. 27.84 Lacs ) of Smt. Laxmi Jain, Rs. 22.58 Lacs ( Previous Year Rs. 27.83 Lacs ) of Smt.Sushma Jain, Rs. 23.83 Lacs ( Previous Year Rs. 27.83 Lacs ) of Smt.Rina Jain., Shri Gaurav Jain Rs. 2.75 Lacs (Previous year Rs. NIL)., Smt. Neha Bagaria Rs. 4.00 Lacs (Previous year Rs. NIL)., Ankit Jain Rs. 2.75 Lacs (Previous year Rs. Nil)

ii) Redemption of Preference Share Capital (including Securities Premium) Rs. 1,700.00 Lacs (Previous Year Rs. Nil) to Shri. Gaurav Jain, Rs. 1,700.00 Lacs (Previous Year Rs. 7,065.92 Lacs) to Smt. Sushma Jain, Rs. 1,700.00 Lacs (Previous Year Rs. Nil) to Shri. Ankit Jain, Rs. Nil (Previous Year Rs. 20,664.34 lacs) to Smt. Laxmi Jain, Rs. Nil (Previous Year Rs. 20,664.34) to Smt. Rina Jain.

iii) Purchase of Tangible Assets includes Rs. 6.02 Lacs ( Previous Year Rs. 32.89 Lacs ) from TechFab (India) Industries Ltd.

iv) Sales of Tangible Assets includes Rs. 38.50 Lacs (Previous Year Rs. Nil) to TechFab (India) Industries Ltd.

v) Investments as at 31st March 2014, include Rs. 12,079.31 Lacs ( Previous Year Rs.12,079.31 Lacs ) in Urban Infrastructure Holdings Pvt.Ltd.

vi) Trade Receivables as at 31st March, 2014 include Rs. 95.72 Lacs ( Previous Year Rs. 84.86 Lacs ) due from Sarbag Pty Ltd., Rs. 2.07 Lacs ( Previous Year Rs. 64.78 Lacs ) due from TechFab (India) Industries Ltd.

vii) Loans and Advances given include Rs. 1,342.05 Lacs (Previous Year Rs.1,818.76 Lacs) to Jai Realty Ventures Ltd. and Rs. 5.06 Lacs (Previous Year Rs. Nil) to Jai Corp Finance Holdings Ltd.

viii) Loans and Advances returned/adjusted include Rs. 310.60 Lacs (Previous Year Rs. 327.97 Lacs) from Jai Realty Ventures Ltd., Rs. 7.21 Lacs (Previous Year Rs. Nil) from Jai Corp Finance Holdings Ltd.

ix) Loans and Advances as at 31st March, 2014 include Rs. 40,423.67 Lacs (Previous Year Rs. 39,392.22 Lacs) in Jai Realty Ventures Ltd, Rs. Nil (Previous Year Rs. 378.32 Lacs) in Resin Distributors Ltd., Rs. 8,522.71 Lacs (Previous Year Rs. 8,522.71 Lacs) in Urban Infrastructure Holdings Pvt.Ltd.

x) Trade Payables as at 31st March,2014 include Rs. 21.85 Lacs ( Previous Year Rs.114.09 Lacs ) due to Urban Infrastructure Venture Capital Ltd.

xi) Revenue from Operation includes Rs. 279.70 Lacs (Previous Year Rs. 371.55 Lacs) sold to Sarbags Pty Ltd. and Rs. 154.83 Lacs (Previous Year Rs. 1,654.45 Lacs) sold to TechFab (India) Industies Ltd.

xii) Dividend Income include Rs. 50.00 Lacs (Previous Year Rs. 40.00 Lacs ) received from Urban Infrastructure Venture Capital Ltd.

xiii) Purchase of Goods includes Rs. Nil (Previous Year Rs. 9.11 Lacs ) from TechFab (India) Industries Ltd.

xiv) Discount on Raw Material includes Rs. Nil (Previous Year Rs. 1,031.76 Lacs ) received from Resin Distributors Ltd.

xv) Dividend paid on 1% Non-Cumulative, Non--Participating, Redeemable Preference Shares includes Rs. 0.23 Lacs (Previous Year Rs. 0.28 Lacs) to Smt. Laxmi Jain, Rs. 0.22 Lacs (Previous Year Rs. 0.28 Lacs) to Smt. Sushma Jain and Rs. 0.23 Lacs (Previous Year Rs. 0.27 Lacs) to Smt. Rina Jain, Rs. 0.03 Lacs (Previous Year Rs. Nil) to Shri. Gaurav Jain, Rs. 0.03 Lacs (Previous Year Rs. Nil) to Shri. Ankit Jain, Rs. 0.04 Lacs (Previous Year Rs. Nil) to Smt. Neha Bagaria

xvi) Directors'' remuneration and perquisites include Rs. 26.22 Lacs (Previous Year Rs. 28.57 Lacs) paid to Shri Gaurav Jain and Rs. 31.20 Lacs (Previous Year Rs. 27.60 Lacs) paid to Shri V. S. Pandit.

xvii) Directors'' sitting fees include Rs. 0.60 Lacs (Previous Year Rs. 0.70 Lacs) paid to Shri Virendra Jain , Rs. 0.05 Lacs (Previous Year Rs. 0.20 Lacs) paid to Shri J.K. Jain and Rs. 0.20 Lacs (Previous Year Rs. 0.20 Lacs) paid to Shri Anand Jain.

xviii) Job Work Charges include Rs. Nil ( Previous Year Rs. 0.62 Lacs ) paid to TechFab (India) Industries Ltd.

xix) Investment Management Fees include Rs. 24.28 Lacs (Previous Year Rs. 99.51 Lacs) to Urban Infrastructure Venture Capital Ltd.

xx) Other Expenses include Rs. 0.01 Lacs (Previous Year Rs. 0.52 Lacs ) paid to Resin Distributors Ltd.

(i) The above loans and advances are free of interest and includes Rs. 423.67 Lacs (Previous Year Rs. 394.37 Lacs), which is repayable on demand. (ii) As per the Company policy, loans to employee are not considered in (a) above.

(b) None of the loanees have made, per se, investment in the shares of the Company.

Note 5

As per Accounting Standard (AS) 21 on "Consolidated Financial Statements" and Accounting Standard (AS) 23 on "Accounting for Investments in Associates in Consolidated Financial Statements", the Company has presented Consolidated Financial Statements, including Subsidiaries and Associates. Accordingly Segment Information as required under Accounting Standard - 17 on "Segment reporting" is included under the Notes on Consolidated Financial Statements.

Note 6

Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.


Mar 31, 2013

Note 1

There was major fre on 11th October, 2012, at one of the Company''s HDPE / PP Woven Sacks Unit located at Daman which resulted in major loss of building, plant & machinery and other assets. The Company has replacement insurance policy and accordingly the cost incurred towards reconditioning of assets have been accounted as insurance claim receivables and disclosed under short-term loans and advances. The loss of proft of the Company is also adequately insured and the claim will be accounted for on receipt basis. The claims are under process.

Note 2 Related Party Disclosure:

As per Accounting Standard 18 "Related party Disclosures", disclosure of transactions with the related parties as defned in the Accounting Standard are given below:

(I) List of related parties and relationship.

(i) Subsidiary: Ashoka Realty and Developers Limited Belle Terre Realty Limited Ekdant Realty & Developers Limited Hari Darshan Realty Limited Hill Rock Construction Limited Hind Agri Properties Limited Iconic Realtors Limited Jai Corp Finance & Holding Limited Jailaxmi Realty and Developers Limited Jai Realty Ventures Limited Krupa Land Limited Krupa Realtors Limited Multifaced Impex Limited Novelty Realty & Developers Limited Oasis Holding FZC Rainbow Infraprojects Limited Rudradev Developers Limited Sarbags Pty Limited Swar Land Developers Limited Swastik Land Developers Limited UI Wealth Advisors Limited Urban Infrastructure Trustees Limited Urban Infrastructure Venture Capital Limited Vasant Bahar Realty Limited Welldone Real Estate Limited Yug Developers Limited

(ii) Associates : Searock Developers FZC

Urban Infrastructure Holdings Private Limited

(iii) Key Managerial Personnel :

(a) Shri J. K. Jain

(b) Shri Anand Jain

(c) Shri Virendra Jain

(d) Shri Gaurav Jain

(e) Shri V. S. Pandit

(iv) Relatives of Key Managerial Personnel :

(a) Smt. Laxmi Jain Relative of Shri Gaurav Jain, Shri J.K.Jain, Shri Anand Jain and Shri Virendra Jain.

(b) Smt. Rina Jain Relative of Shri Virendra Jain, Shri J.KJain and Shri Anand Jain

(c) Smt. Sushma Jain Relative of Shri Anand Jain, Shri J.K.Jain and Shri Virendra Jain

(v) Enterprises over which Key Managerial Personnel and their relatives are able to exercise signifcant infuence:

(a) Poly-Resin Agencies (India) Limited

(b) Resin Distributors Limited

(c) Techfab (India) Industries Limited

Note 3.1

Signifcant transactions with related parties:-

i) Preference Share Capital as at 31st March, 2013 includes Rs. 27.84 Lacs (Previous Year Rs. 33.34 Lacs) of Smt.Laxmi Jain, Rs. 27.83 Lacs (Previous Year Rs. 33.33 Lacs) of Smt.Sushma Jain, Rs. 27.83 Lacs (Previous Year Rs. 33.33 Lacs) of Smt.Rina Jain.

ii) Redemption of Preference Share Capital (including Securities Premium) Rs. 7,065.92 Lacs (Previous Year Rs. 20,664.34 Lacs) to Smt. Laxmi Jain, Rs. 7,065.92 Lacs (Previous Year Rs. 20,664.34 Lacs) to Smt. Sushma Jain, Rs. 7,065.91 Lacs (Previous Year Rs. 20,664.34 Lacs) to Smt. Rina Jain.

iii) Purchase of Tangible Assets includes Rs. 32.89 Lacs (Previous YearRs. Nil) from TechFab (India) Industries Ltd.

iv) Sales of Tangible Assets includes Rs. Nil (Previous YearRs. 13.78 Lacs) to TechFab (India) Industries Ltd.

v) Investments sold during the year include Rs. Nil (Previous Year Rs. 0.40 Lacs) in Urban Communication Infrastructure Pvt.Ltd., Rs. Nil (Previous YearRs. 0.40 Lacs) in Urban Energy Distribution Pvt.Ltd., Rs. Nil (Previous Year Rs. 0.40 Lacs) in Urban Energy Generation Pvt.Ltd., Rs. Nil (Previous Year Rs. 0.40 Lacs) in Urban Energy Transmission Pvt.Ltd., Rs. Nil (Previous Year Rs. 0.40 Lacs) in Urban Infotech Solution Pvt.Ltd., Rs. Nil (Previous YearRs. 0.40 Lacs) in Urban Infrastructure Construction Pvt.Ltd. and Rs. Nil (Previous YearRs. 0.40 Lacs) in Urban Water Supply Pvt.Ltd.

vi) Refund of Investment on cessation of the Companies includes Rs. Nil (Previous Year Rs. 0.68 Lacs) in Jai Infraprojects Ltd.

vii) Investments as at 31st March, 2013, include Rs. 12,079.31 Lacs (Previous Year Rs.12,079.31 Lacs) in Urban Infrastructure Holdings Pvt.Ltd.

viii) Trade Receivables as at 31st March, 2013 include Rs. 84.86 Lacs (Previous Year Rs. 24.49 Lacs) due from Sarbag Pty Ltd., Rs. 64.78 Lacs (Previous Year Rs. 526.21 Lacs) due from TechFab (India) Industries Ltd.

ix) Loans & Advances given include Rs. 1,818.76 Lacs (Previous Year Rs. 1,408.01 Lacs) to Jai Realty Ventures Ltd.

x) Loans and Advances returned / adjusted include Rs. 327.97 Lacs (Previous Year Rs. 595.32 Lacs) from Jai Realty Ventures Ltd., Rs. Nil (Previous Year Rs. 500.00 Lacs) from Urban Water Supply Pvt.Ltd., Rs. Nil (Previous Year Rs. 500.00 Lacs) from Urban Infrastructure Construction Pvt.Ltd., Rs. Nil (Previous Year Rs. 500.00 Lacs) from Urban Energy Distribution Pvt.Ltd., Rs. Nil (Previous Year Rs. 500.00 Lacs) from Urban Energy Generation Pvt.Ltd.

xi) Loans and Advances as at 31st March, 2013 include Rs. 39,392.22 Lacs (Previous Year Rs. 37,901.43 Lacs) in Jai Realty Ventures Ltd, Rs. 378.32 Lacs (Previous Year Rs. 264.69 Lacs) in Resin Distributors Ltd., Rs. 8,522.71 Lacs (Previous Year Rs. 8,522.71 Lacs) in Urban Infrastructure Holdings Pvt.Ltd.

xii) Trade Payables as at 31st March,2013 include Rs. Nil Lacs (Previous Year Rs. 2.62 Lacs) due to TechFab (India) Industries Ltd., Rs. 114.09 Lacs (Previous Year Rs. Nil) due to Urban Infrastructure Venture Capital Ltd.

xiii) Other Current Liabilities as at 31st March, 2013 include Rs. Nil (Previous Year Rs. 51.46 Lacs) due to Urban Infrastructure Venture Capital Ltd.

xiv) Revenue from Operation includes Rs. 371.55 Lacs (Previous Year Rs. 195.85 Lacs) sold to Sarbags Pty Ltd. and Rs. 1,654.45 Lacs (Previous Year Rs. 1,803.52 Lacs) sold to TechFab (India) Industies Ltd.

xv) Dividend Income include Rs. 40.00 Lacs (Previous Year Rs. 30.00 Lacs) received from Urban Infrastructure Venture Capital Ltd.

xvi) Purchase of Goods includes Rs. 9.11 Lacs (Previous Year Rs. 3.97 Lacs) from TechFab (India) Industries Ltd.

xvii) Discount on Raw Material includes Rs. 1031.76 Lacs (Previous Year Rs. 1,022.93 Lacs) received from Resin Distributors Ltd.

xviii) Dividend paid on 1% Non-Cumulative, Non--Participating, Redeemable Preference Shares includes Rs. 0.28 Lacs (Previous Year Rs. 0.50 Lacs) to Smt. Laxmi Jain, Rs. 0.28 Lacs (Previous Year Rs. 0.50 Lacs) to Smt. Sushma Jain and Rs. 0.27 Lacs (Previous Year Rs. 0.50 Lacs) to Smt. Rina Jain.

xix) Directors'' remuneration and perquisites include Rs. 28.57 Lacs (Previous Year Rs. 26.60 Lacs) paid to Shri Gaurav Jain and Rs. 27.60 Lacs (Previous Year Rs. 24.00 Lacs) paid to Shri V. S. Pandit.

xx) Directors'' sitting fees include Rs. 0.70 Lacs (Previous Year Rs. 0.70 Lacs) paid to Shri Virendra Jain, Rs. 0.20 Lacs (Previous Year Rs. 0.20 Lacs) paid to Shri J.K. Jain and Rs. 0.20 Lacs (Previous Year Rs. 0.20 Lacs) paid to Shri Anand Jain.

xxi) Job Work Charges include Rs. 0.62 Lacs (Previous Year Rs. 1.75 Lacs) paid to TechFab (India) Industries Ltd.

xxii) Investment Management Fees include Rs. 99.51 Lacs (Previous Year Rs. 113.82 Lacs) to Urban Infrastructure Venture Capital Ltd.

xxiii) Sundry Balances Written Off include Rs. Nil (Previous Year Rs. 0.03 Lacs) of Jai Infraprojects Ltd., and Rs. Nil (Previous Year Rs. 7.68 Lacs) of Resin Distributors Ltd.

xxiv) Other Expenses include Rs. Nil (Previous Year Rs. 0.02 Lacs) paid to Poly Resin Agencies (I) Ltd. and Rs. 0.52 Lacs (Previous Year Rs. 0.12 Lacs) paid to Resin Distributors Ltd., Rs. Nil Lacs (Previous Year Rs. 0.18 Lacs) paid to TechFab (India) Industries Ltd.

Note 4

As per Accounting Standard (AS) 21 on "Consolidated Financial Statements" and Accounting Standard (AS) 23 on "Accounting for Investments in Associates in Consolidated Financial Statements", the Company has presented Consolidated Financial Statements, including Subsidiaries and Associates. Accordingly Segment Information as required under Accounting Standard - 17 on "Segment reporting" is included under the Notes on Consolidated Financial Statements.

Note 5

Previous year''s fgures have been regrouped / reclassifed wherever necessary to correspond with the current year''s classifcation / disclosure.


Mar 31, 2012

1.1 (i) The terms / rights attached to the Equity Shares:-

The holder of equity shares of Rs. 1 each is entitled to one vote per share. The equity shareholders are entitled to dividend only if dividend in a particular financial year is recommended by the Board of Directors and approved by the members at the annual general meeting of that year. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the Company, after distribution of all Preferential amounts. The distribution will be in proportion to the number of equity shares held by share holders.

(ii) The terms / rights attached to the preference Shares:-

1% Non - cumulative, Non - Participating Redeemable Preference Shares of Rs. 1 each fully paid-up were allotted on 27th November, 2007. On 26th November, 2011, 5,000,100 preference shares were redeemed at a premium of 6% p.a. from the date of allotment on issue price of Rs. 1,000/- per share and balance 9,999,900 preference shares have been rolled over for a further period of two years with effect from 26th November, 2011 with an option to the Company / the Preference Shareholder(s) to redeem the same earlier . The preference shares are redeemable at a premium of 6 % p.a. from the date of allotment on issue price of Rs. 1,000/- per share. The Preference Shareholders have a preferential right to dividend of 1% per annum, carry a preferential right for repayment of capital in priority to the equity shares, on liquidation of the Company or repayment of capital. However, the preference shares carry no further or other right to participate either in the profits or assets of the Company.

1.2 Redemption premium on Preference Shares as mentioned above will be paid out of the Securities Premium Account and hence no provision has been considered necessary.

1.3 Subscribed and Paid-up Equity Shares includes 86,269,400 (Previous Year 86,269,400) equity shares alloted as fully paid-up bonus shares in the last five years.

2.1 Out of the term-loans referred to above (including current maturities of long-term borrowings in note 9):-

a) Loans aggregating Rs. 256.00 Lacs (Previous Year Rs. 682.00 Lacs) are secured by way of first pari passu charge on certain immovable assets of the Company and carry interest at BPLR rate less 3.50% per annum.

b) Loans aggregating Rs. 270.00 Lacs (Previous Year Rs. 495.00 Lacs) are secured by way of first pari passu charge on the entire movable fixed assets of the Company and carry interest at BPLR rate less 3.75% per annum.

c) They are further secured by a personal guarantee of one of the directors and one erstwhile director of the Company.

2.2 A term-loan from a bank of Rs. 526.00 Lacs (including current maturities of long-term borrowings in note 9) is outstanding as at 31st March, 2012. Out of the above loan, Rs. 436.00 Lacs is repayable in four equal quarterly installment of Rs. 109.00 Lacs each duing the year 2012 -13 and Rs. 90.00 Lacs is repayable in two equal quarterly installments of Rs. 45.00 Lacs each in June 2013 and September 2013.

2.3 An interest-free sales tax loan of Rs. 918.08 Lacs (including current maturities of long-term borrowings in note 9) is outstanding as at 31st March, 2012. Out of the above, Rs. 27.60 Lacs is repayable in equal yearly installment of Rs. 13.80 Lacs starting from May, 2012 and ending on May, 2013, Rs. 558.60 Lacs is repayable in equal yearly installment of Rs. 111.72 Lacs starting from December, 2014 and ending on December, 2018 and Rs. 331.85 Lacs is repayable in equal yearly installment of Rs. 66.37 Lacs starting from March, 2020 and ending on March, 2024.

$ The Company had recognised liability based on substantial degree of estimation for excise duty payable on the clearance of goods lying in stock as on 31st March, 2011 of Rs. 100.15 Lacs as per the estimated pattern of dispatches. During the year, Rs. 100.15 Lacs was utilised for clearance of goods. Liability recognised under this class for the year is Rs. 110.66 Lacs, which is outstanding as on 31st March, 2012. Actual outflow is expected in the next financial year.

3.1 Owned land includes Rs. Nil (Previous YearRs. 131.25 Lacs) in respect of which conveyance deed is yet to be registered in the name of the Company.

3.2 Building includes Rs.0.01 Lacs (Previous Year Rs. 0.01 Lacs) being the cost of shares in Co-operative Housing Society towards ownership of residential flats.

3.3 Capital Work-in-Progress includes Rs. 0.07 Lacs (Previous YearRs. 5.23 Lacs) on account of cost of construction material at site.

3.4 Gross Block of Plant and Equipments includes Rs. 64.68 Lacs (Previous YearRs. 64.68 Lacs) and Rs. 33.56 Lacs (Previous YearRs. 33.56 Lacs) being the amount spent for laying Power Line and Water Pipe Line respectively, the ownership of which vests with the respective Government Authorities.

3.5 In accordance with the Accounting Standard (AS) 28 on "Impairment of Assets" as notified by Companies (Accounting Standards) Rules, 2006 the management during the year carried out an exercise of identifying the assets that may have been impaired in respect of each cash generating unit in accordance with the said Accounting Standard. On the basis of this review carried by the management there was no impairment loss on Fixed Assets during the year ended 31st March, 2012.

4.1 Name of Jai Infraprojects Ltd., a wholly owned subsidiary of the Company has been struck off from the Registrar of Companies w.e.f. 15th July, 2011 pursuant to General Circular No. 6/2010 dated 03.12.2010 issued by the Government of India, Ministry of Corporate Affairs under "Easy Exit Scheme, 2011" under Section 560 of the Companies Act, 1956. Investments written off includes equity shares of Jai Infraprojects Ltd Rs. NIL (Previous Year Rs. 4.32 Lacs)

4.2 Original Share / Debenture Certificates have been misplaced and steps are being taken to obtain duplicate certificates.

4.3 In opinion of the management, diminution in the value of long term investment, except as provided, is temporary in nature, hence no provision has been considered necessary.

4.4 Represents face value in Australian Dollar.

4.5 The details of the provision for diminution in the value of non-current investments is as under

Note 5 - Contingent Liabilities and Commitments (To the extent not provided for)

(Rs. in Lacs)

Particulars 2011-12 2010-11

(A) Contingent Liabilities

(a) Claims against the Company not acknowledged as debts

(i) Disputed Liability in Appeal (No Cash outflow is expected in the near future)

- Income Tax (Rs. 100.00 Lacs paid under protest) 210.81 477.92

- Excise Duty / Service Tax (Rs. 2.46 Lacs paid under protest) 135.28 135.44

- Railway Claims 95.83 95.83

- Sales Tax (Rs. 0.50 Lacs paid under protest) 26.85 26.84

468.77 736.03

(b) Guarantees

(i) Bank Guarantees 15.50 837.12

(Bank guarantees are provided under contractual/ legal obligations. No cash outflow is probable.)

(B) Commitments

(a) Estimated amount of Contracts remaining to be executed on Capital Account and not provided for (Net of advance paid.) 1,808.64 618.83 (Cash outflow is expected on execution of such capital contracts)

(b) Uncalled liability on partly paid up Share / Debenture 89.25 89.25

(c) The Company is committed to financially supporting its wholly-owned subsidiary companies till such time they attain their respective objectives.

Note 6 Employee benefits :-

As per Accounting Standard 15 the disclosure of employees' benefits are given below:

(i) Gratuity - Defined Benefit Plan :-

The Company provides for Gratuity, covering eligible employees, in accordance with the Payment of Gratuity Act, 1972. In accordance with AS-15, "Employee Benefits", the company has provided the liability on actuarial basis. As per the actuarial certificate the details of unfunded post employment defined benefit plan in respect of Gratuity are as follows:

Note 7 Related party Disclosure:

As per Accounting Standard 18 "Related party Disclosures", disclosure of transactions with the related parties as defined in the Accounting Standard are given below:

(I) List of related parties and relationship.

(i) Subsidiary: Ashoka Realty and Developers Limited

Awas Realtors Limited ( till 14th July, 2011 )

Belle Terre Realty Limited

Dev Realty and Developers Limited ( till 20th June, 2011 )

Ekdant Realty & Developers Limited

Hari Darshan Realty Limited

Hill Rock Construction Limited

Hind Agri Properties Limited

Iconic Realtors Limited

Jai Corp Finance and Holding Limited

Jai Infraprojects Limited ( till 15th July, 2011 )

Jailaxmi Realty and Developers Limited

Jai Realty Ventures Limited

Krupa Land Limited

Krupa Realtors Limited

Multifaced Impex Limited

Novelty Realty & Developers Limited

Oasis Holding FZC

Rainbow Infraprojects Limited

Rejoice Land Developers Limited (till 6th August, 2011)

Rudradev Developers Limited

Sarbags Pty Limited

Samrat Realty and Developers Limited (till 15th July, 2011)

Swar Land Developers Limited

Swastik Land Developers Limited

UI Wealth Advisors Limited

Urban Gas Distribution Limited (till 15th July, 2011)

Urban Gas Limited (till 15th July, 2011)

Urban Gas Suppliers Limited (till 15th July, 2011)

Urban Infrastructure Trustees Limited

Urban Infrastructure Venture Capital Limited

Vasant Bahar Realty Limited

Welldone Real Estate Limited

Yug Developers Limited

(ii) Associates :- Searock Developers FZC

Urban Communication Infrastructure Pvt.Ltd. (till 30th September, 2011)

Urban Energy Distribution Pvt.Ltd. (till 30th September, 2011)

Urban Energy Generation Pvt.Ltd. (till 30th September, 2011)

Urban Energy Transmission Pvt.Ltd.(till 30th September, 2011)

Urban Infotech Solutions Pvt.Ltd. (till 30th September, 2011)

Urban Infrastructure Construction Pvt.Ltd. (till 30th September, 2011)

Urban Infrastructure Holdings Pvt.Ltd.

Urban Water Supply Pvt.Ltd. (till 30th September, 2011)

(iii) Key Managerial Personnel :-

(a) Shri J. K. Jain

(b) Shri Anand Jain

(c) Shri Virendra Jain

(d) Shri Gaurav Jain

(e) Shri V. S. Pandit

(iv) Relatives of Key Managerial Personnel :-

(a) Smt. Laxmi Jain Relative of Shri Gaurav Jain, Shri J.K.Jain, Shri Anand Jain and Shri

Virendra Jain.

(b) Smt. Rina Jain Relative of Shri Virendra Jain, Shri J.KJain and Shri Anand Jain

(c) Smt. Sushma Jain Relative of Shri Anand Jain, Shri J.K.Jain and Shri Virendra Jain

(v) Enterprises over which Key Managerial Personnel and their relatives are able to exercise significant influence:-

(a) Poly-Resin Agencies (I) Limited

(b) Resin Distributors Limited

(c) Techfab (I) Industries Limited

Note 8.1

Significant transactions with related parties:-

i) Preference Share Capital as at 31st March, 2012 includes Rs. 33.34 Lacs ( Previous Year Rs. 50.00 Lacs ) of Smt.Laxmi Jain, Rs. 33.33 Lacs ( Previous Year Rs.50.00 Lacs ) of Smt.Sushma Jain, Rs. 33.33 Lacs (Previous Year Rs. 50.00 Lacs ) of Smt.Rina Jain.

ii) Redemption of Preference Share Capital (including Securities Premium) Rs. 20664.34 Lacs (Previous Year Rs. Nil) to Smt. Laxmi Jain, Rs. 20664.34 Lacs (Previous Year Rs. Nil) to Smt. Sushma Jain, Rs. 20664.34 Lacs (Previous Year Rs. Nil) to Smt. Rina Jain.

iii) Sales of Tangible Assets includes Rs. 13.78 Lacs ( Previous Year Rs. 5.69 Lacs ) to Techfab (I) Industries Ltd.

iv) Investment sold during the year includes Rs. 0.40 Lacs ( Previous Year Rs.Nil ) in Urban Communication Infrastructure Pvt.Ltd., Rs. 0.40 Lacs ( Previous Year Rs. Nil ) in Urban Energy Distribution Pvt.Ltd., Rs. 0.40 Lacs ( Previous Year Rs.Nil ) in Urban Energy Generation Pvt.Ltd., Rs.0.40 Lacs ( Previous Year Rs.Nil ) in Urban Energy Transmission Pvt.Ltd., Rs. 0.40 Lacs ( Previous Year Rs. Nil ) in Urban Infotech Solutions Pvt.Ltd., Rs. 0.40 Lacs ( Previous Year Rs. Nil ) in Urban Infrastructure Construction Pvt.Ltd. and Rs. 0.40 Lacs ( Previous Year Rs. Nil ) in Urban Water Supply Pvt.Ltd.

v) Refund of Investment on cessation of the Companies includes Rs. 0.68 Lacs ( Previous Year Rs. Nil ) in Jai Infra Project Ltd.

vi) Investment as at 31st March 2012, includes Rs. 12,079.31 Lacs ( Previous Year Rs. 12,079.31 Lacs ) in Urban Infrastructure Holdings Pvt.Ltd.

vii) Trade Receivable as at 31st March, 2012 includes Rs. 24.49 Lacs ( Previous Year Rs. 30.64 Lacs ) due from Sarbag PTY Ltd., Rs. 526.21 Lacs ( Previous Year Rs. 197.20 Lacs ) due from Tech Fab (I) Industries Ltd. and Rs. Nil ( Previous Year Rs. 39.75 Lacs ) due from Poly Resin Agencies (I) Ltd.

viii) Loans & Advances given includes Rs. 1,408.01 Lacs (Previous Year Rs. 1,148.20 Lacs) to Jai Realty Ventures Ltd. and Rs. Nil (Previous Year Rs. 8,522.71 Lacs) to Urban Infrastructure Holdings Pvt.Ltd.

ix) Loans and Advances returned/adjusted includes Rs. 595.32 Lacs (Previous Year Rs. 36.61 Lacs) from Jai Realty Ventures Ltd. and Rs. Nil (Previous Year Rs. 4.32 Lacs) from Jai Infraprojects Ltd., Rs. 500.00 Lacs (Previous Year Rs. Nil) from Urban Water Supply Pvt.Ltd., Rs. 500.00 Lacs (Previous Year Rs. Nil) from Urban Infrastructure Construction Pvt.Ltd., Rs. 500.00 Lacs (Previous Year Rs. Nil) from Urban Energy Distribution Pvt.Ltd., and Rs. 500.00 Lacs (Previous Year Rs. Nil) from Urban Energy Generation Pvt.Ltd.

x) Loans and Advances as at 31st March, 2012 includes Rs. 37,901.43 Lacs (Previous Year Rs. 37,088.74 Lacs) in Jai Realty Ventures Ltd, Rs. Nil (Previous year Rs. 12.94 Lacs) in Jai Infraprojects Ltd. ,Rs. 264.69 Lacs (Previous Year Rs. 227.28 Lacs) in Resin Distributors Ltd.,Rs. Nil (Previous Year Rs.200 Lacs) in Urban Communication Infrastructure Pvt. Ltd, Rs. Nil (Previous Year Rs. 500.00 Lacs) in Urban Energy Distribution Pvt.Ltd.,Rs. Nil (Previous Year Rs.500.00 Lacs ) in Urban Energy Generation Pvt.Ltd.,Rs. Nil (Previous Year Rs.200 Lacs) in Urban Energy Transmission Pvt. Ltd, Rs. Nil (Previous Year Rs.200 Lacs) in Urban Infotech Solutions Pvt. Ltd., Rs. Nil (Previous Year Rs. 500.00 Lacs) in Urban Infrastructure Construction Pvt.Ltd., Rs. 8,522.71 Lacs (Previous Year Rs. 8,522.71 Lacs) in Urban Infrastructure Holdings Pvt.Ltd., Rs. Nil (Previous Year Rs.500 Lacs) in Urban Water Suppply Pvt. Ltd. Rs. Nil (Previous Year Rs. 200 Lacs) from Urban Communication Infrastructure P Ltd.

xi) Trade Payable as at 31st March,2012 includes Rs. 2.62 Lacs (Previous Year Rs. Nil ) due to Tech Fab (I) Industries Ltd.

xii) Other Current Liabilities as at 31st March, 2012 includes Rs. 51.46 Lacs ( Previous Year Rs.19.42 Lacs ) due to Urban Infrastructure Venture Capital Ltd. and Rs. Nil ( Previous Year Rs.0.03 Lacs ) due to Poly Resin Agencies (I) Ltd.

xiii) Revenue from Operation includes Rs. 195.85 Lacs (Previous Year Rs. 274.95 Lacs) sold to Sarbags Pty Ltd. and Rs. 1,803.52 Lacs (Previous Year Rs. 1,090.96 Lacs) sold to Techfab (I) Industies Ltd.

xiv) Dividend Income include Rs. 30.00 Lacs (Previous Year Rs. 25.00 Lacs ) received from Urban Infrastructure Venture Capital Ltd.

xv) Purchase of Goods includes Rs. 3.97 Lacs (Previous Year Rs. 0.98 Lacs ) from Techfab (I) Industries Ltd.

xvi) Discount on Raw Material includes Rs. 1,022.93 Lacs (Previous Year Rs. 834.37 Lacs ) received from Resin Distributors Ltd.

xvii) Dividend paid on 1% Optionally Convertible Non-Cumulative, Redeemable Preference Shares includes Rs. 0.50 Lacs (Previous Year Rs. 0.50 Lacs) to Smt. Laxmi Jain, Rs. 0.50 Lacs (Previous Year Rs. 0.50 Lacs) to Smt. Sushma Jain and Rs. 0.50 Lacs (Previous Year Rs. 0.50 Lacs) to Smt. Rina Jain.

xviii) Directors Rs. remuneration and perquisites includes Rs. 26.60 Lacs (Previous Year Rs.27.38 Lacs) paid to Shri. Gaurav Jain and Rs. 24.00 Lacs (Previous Year Rs. 19.22 Lacs) paid to Shri.V. S. Pandit.

xix) Directors' sitting fees includes Rs. 0.70 Lacs (Previous Year Rs. 0.55 Lacs) paid to Shri Virendra Jain, Rs. 0.20 Lacs (Previous Year Rs. 0.20 Lacs) paid to Shri J.K. Jain and Rs. 0.20 Lacs (Previous Year Rs. 0.20 Lacs) paid to Shri Anand Jain.

xx) Job Work Charges includes Rs. 1.75 Lacs ( Previous Year Rs. Nil ) paid to Techfab (I) Industries Ltd.

xxi) Investment Management Fees includes Rs. 113.82 Lacs (Previous Year Rs. 82.64 Lacs) to Urban Infrastructure Venture Capital Ltd.

xxii) Investment written off includes Rs. Nil (Previous Year Rs. 4.32 Lacs) of Jai Infraprojects Ltd.

xxiii) Sundry Balances Written Off includes Rs. 0.03 Lacs ( Previous Year Rs. Nil ) of Jai Infraprojects Ltd., and Rs. Nil (Previous Year Rs. 6.21 Lacs) of Jai Realty Ventures Ltd., Rs. 7.68 Lacs ( Previous Year Rs. Nil ) of Resin Distributors Ltd.

xxiv) Other Expenses includes Rs. 0.02 Lacs (Previous Year Rs. 2.18 Lacs) paid to Poly-Resin Agencies (I) Ltd. and Rs. 0.12 Lacs (Previous Year Rs. Nil ) paid to Resin Distributors Ltd., Rs. 0.18 Lacs (Previous Year Rs. Nil ) paid to Techfab (I) Industries Ltd.

Notes:-

(i) The above loans and advances are free of interest.

(ii) As per the Company policy loan to employee are not considered in (a) above.

(iii) The above loans includes Rs. 401.43 Lacs (Previous Year Rs. NIL), which is repayable on demand.

(b) None of the loanees have made, perse, investment in the shares of the Company.

Note 9

As per Accounting Standard (AS) 21 on "Consolidated Financial Statements" and Accounting Standard (AS) 23 on "Accounting for Investments in Associates in Consolidated Financial Statements", the Company has presented Consolidated Financial Statement, including Subsidiaries and Associates. Accordingly, Segment Information as required under Accounting Standard (AS) 17 on "Segment Reporting" is included under the notes to Consolidated Financial Statements.

Note 10

The revised Schedule VI has become effective from April 1, 2011 for the preparation of financial statements. This has significantly impacted the disclosures and presentations made in the financial statements. Previous Year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification / disclosure.


Mar 31, 2011

1 In the opinion of the Management, the Current Assets, Loans and Advances are approximately of the value stated, if realized in the ordinary course of business.

2 Subsequent to 31st March, 2011, Jai Infraprojects Limited, a wholly-owned subsidiary of the Company, has applied to the Registrar of the Companies Maharashtra, Mumbai for striking off its name from the Register of Companies pursuant to General Circular no.6/2010 dated 03.12.2010 issued by the Government of India, Ministry of Corporate Affairs under" Easy Exit Scheme,2011" under Section 560 of the Companies Act,1956. Accordingly Jai Infraprojects Limited has accounted all its assets and liabilities at fair value in its books of the account. In view of the above the Company has written off its investment in the above mentioned subsidiary to the extent of accumulated losses in excess of subsidiary's net worth as on 31st March, 2011.

3 Employee benefits :-As per Accounting Standard 15 "Employee benefits" the disclosure as defined in the Accounting Standard are given below:

(i) Gratuity - Defined Benefit Plan (Unfunded) :-

The Company provides for Gratuity, covering eligible employees, in accordance with the Payment of Gratuity Act, 1972. In accordance with revised AS-15, "Employee Benefits", the company has provided the liability on actuarial basis. As per the actuarial certificate the details of unfunded post employment defined benefit plan in respect of Gratuity are as follows:

The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority promotion and other relevant factors, such as demand and supply in employment market.

4 a) The Company has been advised that the computation of Net Profits for the purpose of Directors' remuneration under Section 349 of the Companies Act, 1956 need not be enumerated since no commission has been paid to the Directors. Fixed monthly remuneration has been paid to the Directors as per Schedule XIII to the Companies Act, 1956.

5 Disclosure of Financial and Derivative Instruments

a) The Company has not entered into any derivative contract during the year and hence outstanding derivative contract is Nil

6 As per Accounting Standard-21 on "Consolidated Financial Statement" and Accounting Standard - 23 on "Accounting for Investment in associates in Consolidated Financial Statement", the Company has presented Consolidated Financial Statement, including Subsidiaries and Associates. Accordingly Segment Information as required underAccounting Standard-17 on "Segment reporting" is included under the notes to Consolidated Financial Statements.

7 As per Accounting Standard 18, "Related party Disclosures" disclosure of transactions with the related parties as defined in the Accounting Standard are given below:

(I) List of related parties and relationship.

(i) Subsidiary: Ashoka Realty and Developers Limited

Awas Realtors Limited Belle Terre Realty Limited Dev Realty and Developers Limited Ekdant Realty and Developers Limited Hah Darshan Realty Limited Hill Rock Construction Limited Hind Agri Properties Limited Iconic Realtors Limited Jai Corp Finance and Holding Limited Jai Infraprojects Limited Jailaxmi Realty and Developers Limited Jai Realty Ventures Limited Krupa Land Limited Krupa Realtors Limited Multifaced Impex Limited Novelty Realty and Developers Limited Oasis Holding FZC Rainbow Infraprojects Limited Rejoice Land Developers Limited Rudradev Developers Limited Sarbags Pty Limited Samart Realty and Developers Limited Swar Land Developers Limited Swastik Land Developers Limited Ul Wealth Advisors Limited Urban Gas Distribution Limited Urban Gas Limited Urban Gas Suppliers Limited Urban Infrastructure Trustees Limited Urban Infrastructure Venture Capital Limited Vasant Bahar Realty Limited Welldone Real Estate Limited Yug Developers Limited

(ii) Associates : Searock Devlopers FZC Urban Communication Infrastructure Private Limited Urban Energy Distribution Private Limited Urban Energy Generation Private Limited Urban Energy Transmission Private Limited Urban Infotech Solution Private Limited Urban Infrastructure Construction Private Limited Urban Infrastructure Holding Private Limited Urban Water Supply Private Limited

(iii) Key Managerial Personnel :-

(a) ShriJ. K.Jain

(b) Shri Anand Jain

(c) Shri Virendra Jain

(d) Shri V. S. Pandit

(e) Shri Gaurav Jain

(iv) Relatives of Key Managerial Personnel :-

(a) Smt. Laxmi Jain Relative of Shri Gaurav Jain, Shri J.K.Jain, Shri Anand Jain and

Shri Virendra Jain.

(b) Smt. Rina Jain Relative of Shri Virendra Jain, Shri J.KJain and Shri Anand Jain

(c) Smt. Sushma Jain Relative of Shri Anand Jain, Shri J.K.Jain and Shri Virendra Jain

(v) Enterprises over which Key Managerial Personnel and their relatives are able to exercise significant influence:-

(a) Clean Pet

(b) Daman Plastic

(c) Poly-Resin Agencies (I) Limited

(d) Polysil Pipes

(e) Resin Distributors Limited

(f) Techfab (I) Industries Limited

Significant transactions with related parties:-

i) Sales of Fixed Assets includes Rs. 5.69 Lacs (Previous Year Rs. NIL) to Techfab (I) Industries Limited and Rs, NIL (Previous Year Rs. 45.00 Lacs) to Swastik Land Developers Limited.

ii) Investment made during the year Rs. Nil (Previous Year Rs. 50.00 Lacs ) in Jai Realty Venture Ltd.

iii) Investment as at 31st March 2011, Includes Rs. 12,079.31 Lacs (Previous Year Rs. 12,079.31 Lacs) in Urban Infrastructure Holding Pvt. Limited

iv) Sundry debtors as on 31st March, 2011 includesRs. 30.64 Lacs (Previous YearRs. 1.81 Lacs) due from Sarbag PTY Limited and Rs. 236.95 Lacs (Previous Year Rs. 26.20 Lacs) due from Tech Fab (I) Industries Limited.

v) Loans & advances given Includes Rs. 1,148.20 Lacs (Previous YearRs. 2,048.91 Lacs) to Jai Realty Ventures Limited.

vi) Loans and Advances returned/adjusted Includes Rs. 36.61 Lacs (Previous Year Rs. 4,750.30 Lacs) from Jai Realty Ventures Limited and Rs. 4.32 Lacs (Previous Year Rs. Nil) from Jai Infra Project Ltd.

vii) Loans and advances as at 31st March 2011, Includes Rs. 37,088.74 Lacs (Previous YearRs. 35,977.15 Lacs) in Jai Realty Ventures Limited.

viii) Loans and advances includes Share Application Money of Rs. 8,522.71 Lacs (Previous Year Rs. Nil Lacs) in Urban Infrastructure Holding Pvt. Limited.

ix) Sundry creditors as on 31st March,2011 includesRs. 19.42 Lacs (Previous YearRs. 15.35 Lacs) due to Urban Infrastructure Venture Capital Limited.

x) Current Liabilities Includes Rs.0.03 Lacs (Previous YearRs. Nil) due to Poly Resin Agencies (I) Limited.

xi) Sales includes Rs. 274.95 Lacs (Previous YearRs.197.20 Lacs) sold to Sarbags Pty Limited and Rs. 1090.96 Lacs (Previous Year Rs. 245.35 Lacs) sold to Techfab (I) Industies Limited.

xii) Miscellaneous Income IncludesRs. Nil (Previous YearRs. 0.11 Lacs) from Techfab (I) Industries Ltd.

xiii) Purchased Includes Rs 0.98 Lacs (Previous Year Rs. Nil) from Techfab (I) Industries Ltd. and Rs. Nil (Previous Year Rs. 0.39 Lacs) from Polysil Pipes.

xiv) Discount on Raw material includes Rs. 834.37 Lacs (Previous Year Rs. 1,153.22 Lacs ) received from Resin Distributors Limited.

xv) Dividend on Preference Shares paid Includes Rs. 0.50 Lacs (Previous Year Rs. 0.50 Lacs) to Sushma Jain, Rs.0.55 Lacs (Previous YearRs.0.55 Lacs)to Rina Jain andRs.0.45 Lacs (Previous YearRs.0.45 Lacs)to Laxmi Jain.

xvi) Director remuneration and perquisits Includes Rs. 27.38 Lacs (Previous Year Rs. 26.35 Lacs) paid to Gaurav Jain and Rs. 19.22 Lacs (Previous Year Rs. 21.00 Lacs) paid to V. S. Pandit.

xvii) Director sitting fees includes Rs. 0.55 Lacs (Previous Year Rs. 0.70 Lacs) paid to Virendra Jain , Rs. 0.20 Lacs (Previous Year Rs. 0.25 Lacs) paid to J.K. Jain and Rs. 0.20 Lacs (Previous Year Rs. 0.25 Lacs) paid to Anand Jain.

xviii) Reimbursment of expenses Includes Rs. Nil (Previous Year Rs. 0.04 Lacs) Paid to Techfab (I) Industries Ltd.

xix) Sundry Balance W/off Includes Rs. 4.32 Lacs (Previous Year Nil) of Jai Infraproject Ltd., and Rs. 6.21 Lacs (Previous Year Rs. Nil) of Jai Realty Ventures Ltd.

xx) Investment Management Fees IncludesRs.82.64 Lacs (Previous YearRs. 69.18 Lacs) paid to Urban Infrastructure Venture Capital Limited.

xxi) Other Expenses Includes Rs. 2.18 Lacs (Previous Year Rs. 2.77 Lacs) paid to Poly Resin Agencies (I) Limited and Rs. Nil (Previous Year Rs. 0.08 Lacs) paid to Resin Distributor Limited.

xxii) Dividend income include Rs. 25.00 Lacs (Previous YearRs. Nil) received from Urban Infrastructure Venture Capital Limited.

8 The Previous year's figures have been regrouped, rearranged, restated and reclassified wherever necessary. Amount and other disclosures for the preceding year are included as an internal part of the current year financial statements and are to be read in relation to the amount and other disclosures relating to the current year.


Mar 31, 2010

1 In opinion of the Management, the Current Assets, Loans and Advances are approximately of the value stated, if realized in the ordinary course of business.

2. a) The Company has been advised that the computation of Net Profits for the purpose of Directors remuneration under Section 349 of the Companies Act, 1956 need not be enumerated since no commission has been paid to the Directors. Fixed monthly remuneration has been paid to the Directors as per Schedule XIII to the Companies Act, 1956.

3 As per Accounting Standard-21 on "Consolidated Financial Statement" and Accounting Standard - 23 on "Accounting for Investment in associates in Consolidated Financial Statement", the Company has presented Consolidated Financial Statement, including Subsidiaries and Associates. Accordingly Segment Information as required under Accounting Standard - 17 on "Segment reporting" is included under the notes to Consolidated Financial Statements.

4 As per Accounting Standard 18, "Related party Disclosures" disclosure of transactions with the related parties as defined in the Accounting Standard are given below:

(I) List of related parties and relationship.

(i) Subsidiary : Ashoka Realty and Developers Limited

Awas Realtors Limited Belle Terre Realty Limited Dev Realty and Developers Limited

Ekdant Realty and Developers Limited

Hari Darshan Realty Limited

Hill Rock Construction Limited

Hind Agri Properties Limited

Iconic Realtors Limited

Jai Corp Finance and Holding Limited

Jai Infraprojects Limited

Jai Laxmi Realty and Developers Limited

Jai Realty Ventures Limited

Krupa Land Limited

Krupa Realtors Limited

Multifaced Impex Limited

Novelty Realty & Developers Limited

Oasis Holding FZC

Rainbow Infraprojects Limited

Rejoice Land Developers Limited

Rudradev Developers Limited

Sarbags Pty Limited

Samart Realty and Developers Limited

Swar Land Developers Limited

Swastik Land Developers Limited

UI Wealth Advisors Limited

Urban Gas Distribution Limited

Urban Gas Limited

Urban Gas Suppliers Limited

Urban Infrastructure Trustees Limited

Urban Infrastructure Venture Capital Limited

Vasant Bahar Realty Limited

Welldone Real Estate Limited

Yug Developers Limited

(ii) Associates :-

Searock Developers FZC

Urban Communication Infrastructure Private Limited

Urban Energy Distribution Private Limited

Urban Energy Generation Private Limited

Urban Energy Transmission Private Limited

Urban Infotech Solution Private Limited

Urban Infrastructure Construction Private Limited

Urban Infrastructure Holdings Private Limited

Urban Water Supply Private Limited

(iii) Key Managerial Personnel :-

(a) Shri J. K. Jain

(b) Shri Anand Jain

(c) Shri Virendra Jain

(d) Shri V. S. Pandit

(e) Shri Gaurav Jain

(f) Shri S.P. Jain (upto 04.06.2008) (iv ) Relatives of Key Managerial Personnel :-

(a) Smt. Laxmi Jain Relative of Shri Gaurav Jain, Shri J.K.Jain, Shri Anand Jain and Shri Virendra Jain.

(b) Smt. Rina Jain Relative of Shri Virendra Jain, Shri J.KJain and Shri Anand Jain

(c) Smt. Sushma Jain Relative of Shri Anand Jain, Shri J.K.Jain and Shri Virendra Jain (v ) Enterprises over which Key Managerial Personnel and their relatives are able to exercise

significant influence:-

(a) Clean Pet

(b) Daman Plastic

(c) Polyfibre Industries Pvt. Limited

(d) Polyplast Agencies (I) Pvt Limited

(e) Poly-Resin Agencies (I) Limited

(f) Polysil Pipes

(g) Puriya Industrial Packaging Limited (h) Resin Distributors Limited (i) Silvassa Plastics (j) Suniti Commercials Limited (k) Sunshine Fibre Pvt. Limited (l) Techfab (I) Industries Limited (m) Tufropes Pvt. Limited

Significant transactions with related parties:-

i) Fixed Assets sold includes Rs. Nil (Previous Year Rs. 684.19 Lacs) to Techfab (I) Industries Limited and Rs, 45.00 Lacs (Previous Year Rs. Nil) to Swastik Land Developers Limited.

ii) Fixed Assets purchased includes Rs. Nil (Previous Year Rs. 58.74 Lacs) from Techfab (I) Industries Limited and Rs. Nil (Previous Year Rs. 29.64 Lacs) purchased from Puriya Industrial Packaging Limited.

iii) Investments made during the year Rs.50.00 Lacs (Previous Year Rs. Nil. ) in Jai Realty Ventures Limited.

iv) Investments include shares alloted out of Share Application Money of Rs. Nil (Previous Year Rs. 8,151.45 Lacs) in Urban Infrastructure Holdings Pvt. Limited.

v) Investments as at 31st March 2010, include Rs. 12,079.31 Lacs (Previous Year Rs. 12,079.31 Lacs) in Urban Infrastructure Holdings Pvt. Limited

vi) Sundry Debtors as at 31st March, 2010 includes Rs. 1.81 Lacs (Previous Year Rs. 2.50 Lacs) due from Sarbag Pty Limited and Rs. 26.20 Lacs (Previous Year Rs. Nil) due from Tech Fab (I) Industries Limited.

vii) Loans & Advances given includes Rs. 2,048.91 Lacs (Previous Year Rs. 20,127.33 Lacs) to Jai Realty Ventures Limited.

viii) Loans and Advances returned includes Rs. 4,750.30 Lacs (Previous Year Rs.5,016.58 Lacs) from Jai Realty Ventures Limited.

ix) Loans and Advances as at 31st March 2010, includes Rs. 35,977.15 Lacs (Previous Year Rs. 38,678.54 Lacs) in Jai Realty Ventures Limited.

x) Unsecured Loans received include Rs. Nil (Previous Year Rs. 12.16 Lacs) from Jai Corp Finance & Holding Limited.

xi) Unsecured Loans returned include Rs. Nil (Previous Year Rs. 12.16 Lacs) to Jai Corp Finance & Holding Limited .

xii) Sundry Creditors as at 31st March,2010 includes Rs. 15.35 Lacs (Previous Year Rs. 15.30 Lacs) due to Urban Infrastructure Venture Capital Limited.

xiii) Current Liabilities includes Rs. Nil (Previous Year Rs. 0.14 Lacs) due to Poly Resin Agencies (I) Limited.

xiv) Sales includes Rs. Nil (Previous Year Rs. 458.61 Lacs) sold to Puriya Industrial Packaging Limited, Rs. 197.20 Lacs (Previous Year Rs.178.16 Lacs) sold to Sarbags Pty Limited and Rs. 245.35 Lacs (Previous Year Rs. Nil) sold to Techfab (I) Industies Limited.

xv) Services includes Rs. Nil (Previous Year Rs. 552.74 Lacs) provided to Puriya Industrial Packaging Limited.

xvi) Interest received includes Rs. Nil (Previous Year Rs. 99.27 Lacs) from Techfab (I) Industries Limited.

xvii) Miscellaneous Income includes Rs. Nil (Previous Year Rs.0.29 Lacs) from Silvassa Plastics, Rs. 0.11 Lacs (Previous Year Rs. Nil) from Techfab (I) Industries Ltd. and Rs. Nil (Previous Year Rs. 0.12 Lacs) from Polyfibre Industries Pvt. Ltd.

xviii) Purchased includes Rs. Nil (Previous Year Rs. 4.88 Lacs) from Puriya Industrial Packaging Limited, Rs. Nil (Previous Year Rs. 95.36 Lacs) from Sunshine Fibres Pvt. Limited. and Rs. 0.39 Lacs (Previous Year Nil) from Polysil Pipes.

xix) Discount on Raw Material includes Rs. 1,153.22 Lacs (Previous Year Rs. 1,000.93 Lacs ) received from Resin Distributors Limited.

xx) Recovery of Expenses represents Rs. Nil (Previous Year Rs. 1.46 Lacs) from Jai Corp Finance and Holding Limited.

xxi) Dividend on Preference Shares paid includes Rs. 0.50 Lacs (Previous Year Rs. 0.50 Lacs) to Smt. Sushma Jain, Rs. 0.55 Lacs (Previous Year Rs. 0.55 Lacs) to Smt. Rina Jain and Rs. 0.45 Lacs (Previous Year Rs. 0.45 Lacs) to Smt. Laxmi Jain.

xxii) Directors Remuneration and Perquisits includes Rs. 26.35 Lacs (Previous Year Rs.26.16 Lacs) paid to Shri Gaurav Jain , Rs. 21.00 Lacs (Previous Year Rs. 12.00 Lacs) paid to Shri V. S. Pandit and Rs. Nil (Previous Year Rs. 4.00 Lacs) paid to Shri Virendra Jain.

xxiii) Directors Sitting Fee includes Rs. 0.70 Lacs (Previous Year Rs.0.30 Lacs) paid to Shri Virendra Jain , Rs. Nil (Previous Year Rs.0.05 Lacs) paid to Shri S.P Jain., Rs. 0.25 Lacs (Previous Year Rs. 0.25 Lacs) paid to Shri J.K. Jain and Rs. 0.25 Lacs (Previous Year Rs. 0.25 Lacs) paid to Shri Anand Jain.

xxiv) Job work charges includes Rs. Nil (Previous Year Rs. 9.89 Lacs) paid to Puriya Industrial Packaging Limited.

xxv) Reimbursment of expenses includes Rs. 0.04 Lacs (Previous Year Rs. Nil) Paid to Techfab (I) Industries Limited.

xxvi) Investment Management Fee includes Rs. 69.18 Lacs (Previous Year Rs. 65.95 Lacs) paid to Urban Infrastructure Venture Capital Limited.

xxvii) Other Expenses include Rs. 2.77 Lacs (Previous Year Rs. 1.44 Lacs) paid to Poly Resin Agencies (I) Limited, Rs. 0.08 Lacs (Previous Year Rs. 0.73 Lacs) paid to Resin Distributor Limited,and Rs. Nil (Previous Year Rs. 0.54 Lacs) paid to Jai Corp Finance & Holding Limited.

5 The Leasehold Land, Building and Electric Installation having net block amounting to Rs. 4.17 Lacs, Rs. 15.71 Lacs and Rs. Nil (Previous Year Rs. 4.09 Lacs, Rs. 20.86 Lacs and Rs. 2.18 Lacs) respectively as at 31st March, 2010, are held for sale in respect of Murbad Unit. Pending sale/disposal of such assets, the profit/loss if any on this account will be accounted for, as and when the same are sold.

6 The pevious years figures have been regrouped, rearranged, restated and reclassified wherever necessary. Amount and other disclosures for the preceding year are included as an internal part of the current year fnancial statements & are to be read in relation to the amount and other disclosures relating to the current year.



 
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